Amtek Ring Gear Ltd., New Delhi V. ACIT, New Delhi

MA 380/DEL/2018

• Counselvise Citation: [2021] 108 COUNSELVISE.COM (IT) 3433 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 11 month(s) 30 day(s)
• Appeal Type: Miscellaneous Application
• Pronouncement Date: 11-06-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: A
• Assessment Year: 2006-2007
• Appeal Filed On: 12-06-2018
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: ABHIMANYU REDHU
• Section: 254(2)

Judgement Text

M.A. NOS. 380 & 381/DEL/2018 IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH: FRIDAY E NEW DELHI BEFORE SH. R. K. PANDA, ACCOUNTANT MEMBER AND MS SUCHITRA KAMBLE, JUDICIAL MEMBER M.A. NO. 381/DEL/2018 IN ITA NO. 4949/DEL/2014 ( A.Y 2006-07) AMTEK RING GEARS LTD. C/O. M/S. RRA TAXINDIA, D-28, SOUTH EXTENSION, PART-1 NEW DELHI AABCB4094M (APPELLANT) VS DCIT CENTRAL CIRCLE-14 NEW DELHI (RESPONDENT) AND M.A. NO. 380/DEL/2018 IN ( I.T.A. NO. 5024/DEL/2014 A.Y 2006-07) ACIT CENTRAL CIRCLE-14 NEW DELHI (APPELLANT) VS AMTEK RING GEARS LTD. 4, LSC, BHANOT APARTMENTS, PUSHP VIHAR NEW DELHI AABCB4094M (RESPONDENT) APPLICANT BY SH. ABHIMANYU REDHU, ADV. RESPONDENT BY SH. R. K. GUPTA, SR. DR ORDER PER SUCHITRA KAMBLE, JM THESE TWO MISCELLANEOUS APPLICATIONS U/S 254(2) OF THE INCOME-TAX ACT, 1961 READ WITH RULES 24 & 34A OF INCOME TAX APPELLATE TRIBUNAL RULES, 1963 DATE OF HEARING 11.06.2021 DATE OF PRONOUNCEMENT 11.06.2021 M.A. NOS. 380 & 381/DEL/2018 HAVE BEEN FILED BY THE ASSESSEE IN RESPECT OF ORDER DATED 14.12.2017 PASSED BY THE TRIBUNAL. 2. AT THE TIME OF HEARING, THE LD. AR SUBMITTED THAT THE HONBLE NATIONAL COMPANY LAW TRIBUNAL, PRINCIPAL BENCH, NEW DELHI VIDE ORDER DATED 02.12.2019 HAS APPROVED THE RESOLUTION PLAN FILED BY INVESTMENT OPPORTUNITIES IV PTE LIMITED FOR THE ASSESSEE. SECTION 31(1) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016 PROVIDES THAT THE SAID ORDER DATED 02.12.2019 THEREBY APPROVING THE FINAL RESOLUTION PLAN FOR THE ASSESSEE SHALL BE BINDING ON THE CORPORATE DEBTOR AND ITS EMPLOYEES, MEMBERS, CREDITORS, INCLUDING THE CENTRAL GOVERNMENT, ANY STATE GOVERNMENT OR ANY LOCAL AUTHORITY TO WHOM A DEBT IN RESPECT OF THE PAYMENT OF DUES ARISING UNDER ANY LAW FOR THE TIME BEING IN FORCE, SUCH AS AUTHORITIES TO WHOM STATUTORY DUES ARE OWED, GUARANTORS AND OTHER STAKEHOLDERS INVOLVED IN THE RESOLUTION PLAN. THEREFORE, THE LD. AR SUBMITTED THAT IN TERMS OF ITS SUCCESSFUL RESOLUTION UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016, THE ASSESSEE DOES NOT WISH TO PURSUE THE PRESENT MISCELLANEOUS APPLICATION AND THEREFORE, REQUESTING THROUGH THE APPLICATION DATED 23.03.2021 FOR WITHDRAWAL OF THE PRESENT MISC. APPLICATIONS WITH LIBERTY TO FILE A FRESH APPLICATION IF ANY CAUSE OF ACTION ARISES IN FUTURE. 3. THE LD. DR DID NOT OBJECT FOR WITHDRAWAL OF MISC. APPLICATIONS. 4. WE HAVE GONE THROUGH THE RECORDS AND THE APPLICATION FOR WITHDRAWAL FILED BY THE ASSESSEE AS WELL AS THE MISC. APPLICATION. AFTER GOING THROUGH ALL THE RECORDS, WE ARE ALLOWING THE ASSESSEE TO WITHDRAW THE PRESENT MISC. APPLICATIONS IN BOTH THE APPEALS BEING M.A. NOS. 380 AND 381/DEL/2018 IN ITA NOS. 4949 AND 5024/2014 RESPECTIVELY WITH LIBERTY TO FILE A FRESH APPLICATION IF THE CAUSE OF ACTION ARISES IN THE FUTURE. M.A. NOS. 380 & 381/DEL/2018 5. IN THE RESULT, BOTH THE MISCELLANEOUS APPLICATIONS ARE DISMISSED AS WITHDRAWN. ORDER PRONOUNCED IN THE OPEN COURT IN PRESENCE OF BOTH THE PARTIES ON 11 TH DAY OF JUNE, 2021 . SD/- SD/- ( R. K. PANDA ) (SUCHITRA KAMBLE) ACCOUNTANT MEMBER JUDICIAL MEMBER DATED : 11/06/2021 *MEHTA* COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT (APPEALS) 5. DR: ITAT ASSISTANT REGISTRAR ITAT NEW DELHI DATE OF DICTATION 11.06.2021 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE DICTATING MEMBER 11.06.2021 DATE ON WHICH THE TYPED DRAFT IS PLACED BEFORE THE OTHER MEMBER 11.06.2021 DATE ON WHICH THE APPROVED DRAFT COMES TO THE SR. PS/PS 11.06.2021 DATE ON WHICH THE FAIR ORDER IS PLACED BEFORE THE DICTATING MEMBER FOR PRONOUNCEMENT 11.06.2021 DATE ON WHICH THE FAIR ORDER COMES BACK TO THE SR. PS/PS 11.06.2021 DATE ON WHICH THE FINAL ORDER IS UPLOADED ON THE WEBSITE OF ITAT 11.06.2021 DATE ON WHICH THE FILE GOES TO THE BENCH CLERK 11.06.2021 DATE ON WHICH THE FILE GOES TO THE HEAD CLERK